Water Resources Ministry signs pact with Bank of Industry for private water investors.

[FMINigeria]

                        Memorandum of Understanding has been signed between the Federal Ministry of Water Resources and the Bank of Industry (BOI) to enable private investors in the water sector access loan with low interest rate.

Another Pact was also signed between the Ministry and LR Group of Israel to provide capacity building to 400 young farmers that would make use of Gurara and Bakolori irrigation projects which would later be expanded to other irrigation sites across the country.

The two pacts were signed by the Minister of Water Resources, Mrs. Sarah Reng Ochekpe and the representatives of BOI and LR Group of Israel on Tuesday, 19th February, 2013 during closing ceremony of Presidential Summit on Water in Abuja.

The Minister said the MOU with the Bank of Industry was to facilitate the process of accessing loan from the Bank of Industry aimed at promoting investment in   water projects across the country.

The Permanent Secretary Federal Ministry of Water Resources, Amb Godknows Igali,   remarked that sachet water vendor and producers, cart pushers (Mairuwa) as well as those who want to construct hand pumps, boreholes or build dams will now be able to access loan from the Bank of Industry with low interest rate.

Speaking on the young farmers programme, the Permanent Secretary said LR Group of Israel would provide training on new farming techniques to young farmers that will participate in the young farmers' scheme in Gurara and Bakolori Irrigation Projects. The programme also will include building of moderate but modern farm houses for the graduate farmers.

In her remarks, the Managing Director of BOI, Mrs. Evelyn Oputu said that BOI will respect the MOU and provide loan for water investors. She called for proper planning as Bank of Industry will not give out loan to investment where adequate returns are not guaranteed.

Via: Federal Ministry of Information (FMI) Nigeria